Turbocharger and gearbox were widely used in the precision machinery manufacturing industry. The dimensional accuracy of turbine components and stud standard parts was an important guarantee for the assembly accuracy of turbine components and gearbox, among which coaxiality was a key parameter for the dimensional accuracy of turbine components and stud standard parts. According to the demands of coaxiality measurement for turbine components and stud standard parts, a set of checking fixture was developed, and a software based on LabVIEW was built for the measurement. The coaxiality of stud standard M12 was measured by experiment and the uncertainty of measurement was evaluated. The experimental results show that the coaxiality error obtained from the four measurements is 6.3–6.5 μm, and the extended uncertainty reaches 2.6 μm. The results show that the developed coaxiality measurement system is suitable for the high precision measurement of the coaxiality of turbine parts and stud standard parts.